Raw Transcript
Welcome to my view of the stock market. You're looking at a daily chart of the NASDAQ for today, which is Thursday, February 26. Tomorrow is the last day of the month, thank goodness. And then we can start March, and maybe have a different tone to the market. You know, I got to point out here the NASDAQ, I'll go back to the daily in a minute, but for the month of February down 2 and a half%, 583 points. You could see three of the last four months, this thing has been negative as it's just chopped sideways, you know, November, December, January, February now. So, it's been four months of um pretty much no advancement and just a choppy market going sideways. And we know what the NASDAQ represents. It represents Apple, Microsoft, Nvidia, Meta, Google. I mean, the the MAG7 essentially drives this thing, but there's a lot of quality tech stocks that um are trading on the NASDAQ exchange as well. So, this index is the one that I look at. I know a lot of people look at the SPY, but today, you know, it reversed lower. It was down to what 22670 closed at 22,878 down 273 points or 1.18%. You can see the volume today uh much greater than recent uh days and above the 50-day by 7%. The 50-day average volume. It got rejected there at the 50. You can see that. And pulled back today. Filled filled the gap. Filled the gap. My my best friend filled the gap. at um and then okay I'm losing train of thought here but I have another question here is that when does a rally attempt you know fail and that that's a good question because the rally attempt started on this this is day one here and the low is 22,000 256 so the rally attempt fails when it trades below that 2256 so it's got a ways to go there today the low I said was what 2267 70. So, you know, if it has a couple more days like today, the rally will fail. But we're still in an attempted rally here as we had the follow-through day yesterday, but it came up to the 50. You could see there at 23 250 and uh kind of kissed it. One of those grandma kisses and then a reverse lower, but it's not over yet. I mean, you got to hold out some hope here. um not a good sign that you know it pulls back so sharply but like I said you know the in the um the culprit was Nvidia and Nvidia is part of the S&P and this was down today half a percent and uh Nvidia is not part of the Russell and Russell had a good day today and it's also not part of the um Dow Jones Industrial Average which was up call it flat but at least it wasn't down right close at 49,000 and call it 495 and uh this had a higher volume as well. But I want to go back to the NASDAQ here um because this is the you know the the tech uh heavy index here and it closed 1.6% below that 50. So it really needs to rally through there. It's also a half a percent below the 21. So yeah, it needs a one and a half 2% rally here to get through there. And just because it got rejected the first time doesn't mean it's going to get rejected again. And this is living below the 50 here now. So, it really does have to have a thrust through that moving average. Maybe we get it next week. Maybe once uh February ends, we get a new month, we turn the page on the calendar. That does have an impact. Yeah. And hopefully it does this time to the positive side. All right. Nvidia reported, you know, strong numbers, real strong numbers. But you know that as it you know reported last time uh when it you know strong numbers last time that's when it started this little base building process. So, it's been three months and we get here and this looks pretty good. And you think, oh, good numbers and it's going to rally, you know, through 200, but it just couldn't. Sold off more than 5% today in a classic, you know, buy the rumors, hell, the news here. Got rejected, but it just, you know, pulled back to its 50. Not the end of the world. It closed 0.210 of a percent below the 50, but essentially right at the 50 there. So, buy the rumor, you know, sell the news type of event. And today it was really a Robin Hood day because we were we were taking a walk through Sherwood Forest for sure as the uh the market was rotating out of the the wealthy or the rich or the strong stocks that are in uptrends and it was giving to the poor and buying these u broken down names. You can see this is clearly in a downtrend, right? I mean, if you're looking at stocks to own, I want to own stocks in uptrends. And uh yeah, Luminum's in a strong uptrend. Sienna is a strong uptrend, right? Lower left to upper right. Uh Corning is in a strong uptrend, but they sold off today. They rotated out of them to the tune of 6%, which is a pretty sharp decline. Avertive, I was watching this one. I thought I'd get some pin action off that data center uh news from Nvidia which is super strong where it pulled back to 241 and closed 18 bucks off the lows. So just kind of a shake out a wash out. Sometimes you know when stocks are you know looking like this and and like uh Lummentum and Sienna that they get a little overbought. you know, they heard the term overbought. That is a reality. And that everybody's on the same side of the boat and and they um you know, have too much of one thing and so it becomes too big for their portfolio and that, you know, institutions have to sell. Not that they want to sell, but they have to sell just to be in compliance. And we're getting at the end of the month here. So, I'm thinking that might have some type of play in this because, you know, people institutions, they want to own winning stocks, too. They want stocks that are looking like this, heading higher, and not stocks like this that are heading lower. And I don't I don't want to pick on Meta or Microsoft, but you know, they were up today. And you know, a lot of these beaten down names. Data Dog was up 5%, Carvana's, you know, been in a terrible way. And it was up, you know, nearly 6%. Apploving up more than 5%. This thing's been beaten down. I think apploving and Reddit are the two most misunderstood during this selloff. This one was bought up, but you know the names. I don't have to go through all these. These have been beaten down. They got some love today. They stole from from your Siennas and your microns and and your lummenums and they bought you know the Cornings and they bought the losers and and it probably will continue tomorrow I would think into the end of the month the rebalance and then next week we get back you know to uh you know our regularly scheduled program where you know your microns you know of the world and your momentum continue higher. I would think that would be my expectation, but you know, expectations are broken. You know, I expect Corning to continue higher. And uh anyway, that that was just kind of the day we had today. Stealing from the rich, giving to the poor. Even poor little Rubric here, man. I sold this thing at the end of the year here. I held on kind of too long. I I forget where it was, but yeah, I held on for it for the year. So, it was here in January. It was really breaking down. It was the first stock I sold this year. Um, but I held it for the year. So anyway, who cares about me, but that's what happened today. So, a lot of these beaten down names are up four, five, six%. And a lot of your, you know, stocks that we love, we love to love like Sienna, you know, they were down 3 or 4%. Micron was down 3%, you know, so they're just taking from the rich and giving to the poor. Robinood day at Sherwood Forest. It's okay. Um, all right. I think you get the point here. So, I'm going to move on uh and get to, you know, like some of the winners for the day. You know, I'm just always into um strength. I like to buy strength. I like to own strength. A pullback and micron. I I don't really care about this. Like I said, I only own two stocks. And heck, I might as well go through these here for a minute because I have a lot of people hand ringing. A lot of people on Twitter are saying it's over. It's toast. It's done. You know, Citron's right. They ring a bell at the top and SanDisk is up for the week, folks. All this hand ringing. I mean, what what are we doing here? Um, yeah, this thing is perfectly fine. I own SanDisk and Micron. And if it fails, I'll sell. But to me, this is a high tide flag and it's just doing what it's supposed to be doing. Yeah, it's 10% off its 52- week high. It corrected 26% in like a week. I mean, that's kind of what you sign up for with this stuff, but it's making, you know, higher lows. Uh, clearly, I mean, in an uptrend, I mean, it, you know, anybody can see this is in a in a straight uptrend. And, uh, I want to own stocks that are trending higher a day or a week, you know, pulling back is expected and it doesn't break the trend. And same with Micron. This is not a broken trend, folks. Come on. Micron's down a little more now. They're going to report earnings here in a couple weeks. So, probably some, you know, profit taking here. This one's only 8% off of its high 8.8, call it 9%. It's down 3% this week. Okay, it pulled back, but you can see this high tide flag pattern. Uh, clear as day. And, um, yeah, like I said, maybe it'll pull back even more tomorrow, but I think it'll get back on the path uh, in March here. And, uh, yeah, shorts are going to have to cover into this print because they're going to knock the cover off the ball. Not saying the stock's going to go up. you you saw what happened with Nvidia. Um you know anything can happen. So um anyway yeah okay I'll go you know this is you know gosh darn this is the top performing group. All right it's up 72% already this year in two months. So obviously you got to expect some profit taking. Um it's not going to be going up every week. You know it's going to pull back. It's called backing and filling consolidating. It's healthy. All right digesting gains. Same with the, you know, the fiber optic group. Uh, let me click on this and you could just, you know, just buy the group, right? I mean, look at the weekly charts. Jeez Louise. I mean, what are we doing, folks? Yeah, they're going to pull back the fiber optic group. That's the one with Lummentum in Sienna and Yeah, we got a couple reporting after hours tonight, I think. So, I'm going to save that one. VIA V. You got the semiconductor Equipment Group, too. I mean, yeah, they're going to pull back a little bit. Okay, it's down, you know, 0.0.2% this week. This is Cam Tech and that group. The electronic parts is AP and um, you know, so these things are just been on a roll. So, they sold off a little bit today and this week, you know, Laser, Vicker, you know, we know these names and I report on them. It seems like I've been doing it for months, but it's only probably been a few weeks. Um, ARW's in there. laser they reported tonight uh AP is the largest one 182 billion market cap but anyway you get my point these are the strong stocks the gold stocks they're in an uptrend and and your software names are all at the bottom and they're in a downtrend so yeah okay I think I made my point Robin Hood day today and I'm going to go to um the group that was working today and that has been working for a while now I've been talking about the oil and gas the the commodity itself um you know has been on a little bit of a run but pulled back recently due to I guess the um geopolitical you know saver rattling has kind of calmed down a little bit but um APA oil and gas um exploration name and I'm going to go through quite a few of these they've been super strong KGS this is a um GAP this is one that I wrote down for my um my GAP video that I have to make another one now because we've had quite a few stocks gapping up there February 5, you know, 12% move 200% above volume. What did it do? It allowed the five to catch up and now it's trading higher. So, that one looks like um Vertive and some of the other ones, Sienna that um you know, I was showing you earlier some of our tech stocks that have been doing really well. Um, Marathon Petroleum. This one still I know was up uh what, two something% today. 2.3% showing strength, but still this one is uh actionable here. It's got this cup with handle pattern. Looks pretty good. Yeah, up 2% for the week right there around $200. Marathon looks pretty good. Uh, who else we have? Vlo, this is a refiner. Another refiner that, you know, kind of going sideways here. This looks like a cup with handle pattern here. Yeah. And wow, what is this? Four weeks tight. Oh, 3 weeks tight. It's not not tightening longer. It's moving out here. Up nearly 2% this week. Valero looking um good. Uh what is oi oki from Muscogee? Uh one uh one okay up 2% today. So above the 21 showing strength. X SOM has been super strong recently just pulling back. That looks like a little wedge pattern there. Um, what else do I have? Oh, PR, public relations, Perian Resources, uh, international exploration, excuse me, US exploration. Obviously, the Perium Basin there's in Texas, Midland, Texas. This is total land man uh, stock and right at its high here, making new highs this week. Uh, this one looks pretty good. PR just uh, pulled back and um, traded higher today. That's a nice bar. Wonder if they reported earnings. H looks like an earnings bar. STNG the pipeline names also doing well. Transport pipeline for the um you know oil and LNG which reminds me of um LPG. Yeah, the nice double bottom base. This thing making new highs too. So these pipeline stocks are looking good. FRO. This one looks like SanDisk just broke out and ripping higher. Up another two and a quarter% today. Yeah, 7% for the week. Front Line is out in front. And then WMBB. This one just quietly trades higher. Nobody ever talks about WMBB. Just a quiet sh moving higher. Surfing the five. You know, this thing looks like a tech stock as well. Which reminds me, how did my tide water do today? just forming that little wedge after gapping up a couple days ago. Uh yeah, 8% move. Now awaiting the for the five to catch up. Looks like it has. Maybe it'll rally through 80 tomorrow. So those are the oil and gas names that are doing well. And I'm just pointing out strength here away from the you know fiber optics and um the memory names and uh yeah so oil has done well and also I've got to you know show the gold names. This is AU once again you know showing strength here and then more gold wheaten precious up another 2%. This looks like it's had a pretty nice week. Yeah 7% week. I know people don't want to buy gold, but it just seems like this is going to go higher as the um the dollar weakens. The dollar is weak. The gold is strong. Do I own any of these names? No. But I'm just showing you strength here. AGI Elamos bouncing off the five to the tune of 5% today. That looks like it's had a nice week as well. Yeah, 10% week. We'll take that. SSRM they reported last week had a nice little move here and then followed through this week as it's just riding it's five now so that looks uh pretty good here breakout moving higher yeah 5 and a half% this week um so just rotation you know rotation out of you know our stocks that we like that I like you know that I showed you down here these stocks with in the strong groups yeah they took from the uh you know the rich and gave to the poor today but that's okay Um, I'm going to show you just a random walk through some stocks making new highs. I'm not saying go out and buy these. I'm just trying to show you. This is one that um, you know, I had to write down for our, um, my gap video. I'm have to make another one this weekend cuz these stocks are, you know, not to be ignored when they make moves like this. And I've got quite a few of them. I have to pair it down to like the 10 best ones. But, um, yeah, that one looks good. Making new highs. Tigo, they reported earnings. This is a really strong company. If you just look at this one, you know, like over time, yeah, up 153% in the last year. Uh Lux out of Luxembourg. Yeah, this thing just makes higher highs, man. Just look at this grind higher. Another one nobody talks about. Pays four and a quarter% yield. That's a nice That's a nice healthy yield right there. Uh on top of the, you know, appreciation from this stock. PVLA. This is a a biotech name making new highs today and showing strength. This is another one. It's not an earnings gap higher. It's a um um what do you um FDA approval um move higher, but it's still the same same principle. Um you know, we got to change their models, right? As folks pile in. You can see this is uh you know, gapped up Monday, I believe. Yeah, look at this. 73% move this week. So, yeah, very strong name. And the biotech, I know people hate biotech. TKO, another one making new highs. This one of those media media darling breaking out of this base here is up 8% today. Yeah. Base after base after base, man, just grinding higher. That looks pretty darn good. MID household appliance which has been getting murdered but made a nice move today made a new high. Um who else have Oh, Rocky. Yo, Adrian. This one uh gapped yesterday and man added on 4% today. This is the one that makes those uh military and casual outdoor footwear. So the rugged hikers there. Um looks good. Sarah O' Connor was her former CFO. Uh she resigned but was replaced. How about that? 42% move for the week. Go Rocky. Uh and then Mama. This is my Freddy Mercury trade. This one's making new highs. Made a new high and pulled back today. It's it's just wants to surf that five higher. Have you seen these things in the um like the cold section of your um you know um meat area of your local store? Uh Mama's Creations. I guess people I guess they're easy, right? You just put them in the microwave and you got a a meal in like a 60 seconds, something like that. Uh and also the Kate Spade brand coach Kate Spade. This one ran up on a gap higher. just kind of went sideways, allowed the five to catch up, now popped today and made another new high here, 163 after hour. So, there was a lot of strength, a lot of um new highs, just not in the stocks that we typically traffic in or ones that I traffic in. Heck, I only own two stocks right now. So, uh and then the shipping group was strong. You know, when you got oil and you got gold and you got shipping, that's that's pretty defensive. and then a rotation into the the weak stocks which probably will continue tomorrow. We'll have to wait and see. Anything can happen, but um I think things get back to normal next week. You got to wait and see. You got to tune in. Uh another um another name, uh Shipper up making new highs. Dang, this thing's had a strong week. You know, ZIM was bought out, right? So that usually when you get those mergers, right? ZIM's way up here. It's up 32%. And uh yeah, nice week for ZIM last week and then just yeah, it's going sideways. I don't I think the buying price was $30. I doubt if another buyer comes in and and ramps that price up. So that will be the closing price at some point. Um and then ship, no better ticker than SHIP for a shipping stock. C Energy Maritime Holdings, you know, cup with handle pattern now surfing the five. So the shippers are looking good and I don't think that's a good sign for the overall market. But um you know, when you have commodities, you know, like oil and gold and the shippers, it's pretty defensive. Anyway, um you know, that's just my view of the market for today. Once again, you know, Sandis, I see no sell signs here. I know a lot of people are piling in on this one saying it reversed lower and it's crashing and Citron's right, but um yeah, I'm going to sit with this one here and until it starts making lower lows or crashing below like the 21, I would get rid of some at the 21. Uh not all, but then at the 50 definitely because um yeah, that would be eating up into your profits. All right, thank you for watching mcstocks.com. We never give up in honor of the great Steve Jobs. I have one more thing and that is earnings tonight. We had a ton of earnings. I was kind of surprised. I looked at the slate and I'm going hm. And then these things started piling in on my on the wires here and uh XYZ was one of the winners after hours up 22%. Another one of these beaten down names. I don't think the earnings are all that great, but you know it's like a better than feared, right? We know Bitcoin has been slaughtered recently. So maybe that bout is over and um I don't know. I don't really like the way the the CEO runs his company, but you know, it was Square and then it was block and it's XYZ and it's just he's a mess. Yeah, I stay away from stuff that look like that. Those trends. Rocket Lab looks okay. Um cup with handle pattern ran up to 99, undercut the 50. Now it it needs to rally back through, but that's not horrible. That's not like those Bitcoin stocks. Um, yeah, just below the 50 kind of like the NASDAQ needs to show some strength. AMA, this is a semiconductor fabulous stock down 3%. Thought they had a pretty good report, but you we'll see. You can't trust after hours moves at all. Oftent times things reverse during the session. LR reported, I did read their report. It was pretty good down 8%. We'll see if that impacts that electronics group. I kind of doubt it. Um, you know, you have COR in here and that's not getting really impacted. We'll have to wait and see tomorrow. You know, sometimes, you know, lasers, you know, had a good run, so maybe they, you know, sell it off, pull it back to the 21 or the 10, uh, for a day or two, then bounce next week. You never know. From what I saw, it was a very good report. A AOI reported this is in the um telecom fiber optics, the top group. Now it's up 16%. Last time I checked, it was 58. Now it's 62. So it's going in the right direction. And it's I don't know. It's a it's a three less than four billion market cap stock. So I doubt it's going to move a 50 billion market cap stock, but it's it's not going to hurt. That's for sure. Uh these two Sienna. Yeah, we'll see what happens tomorrow. Um, Dell reported strong report. Big move for Dell. Up more than 10% here after hours. So, that's a good hardware name there. That's not going to hurt at all. Um, Zcaler. Oo, don't look. This is the type of stuff I'm talking about. Yeah, right here. These the trending lower stocks once they get in a trend like this, they just seem to keep going lower and lower. Just like the opposite. stocks that are trending higher continue to trend higher and higher for longer than you'd think. And uh boy, poor old Zcaler, but you know, this is a rich stock. You know, you're looking at three billion in sales and in 26 billion market cap. So, you know, trading I don't know, it's an expensive stock. Um, Dolingo, I don't even want to look at this either. It's been a severe downtrend. Now, it's down 23%. And I get this because your large language models are going to replace this stuff. Anybody who wants to learn a language can just go to, you know, I I shouldn't say chat GPT, but you can learn a language online. And uh there's no mode here for Dualingo. And it's just getting hammered. Wow. 23%. That reminds me of TTD that reported last night. Not too bad, but in a clear downtrend. Didn't get the love. Only down 5%. It was a lot worse. All right. I I'm distracted. Uh SG sweet grains. Uh got a little movement on the Cava news and now up a little bit after hours. No, down up six bucks stock. This thing was a darling not too long ago, man. And it just topped. And there's your there's your Weinstein four stages. And this has been in a stage four for a long long time. uh healthy owns operates 246 fast food healthy foods at scale. Um so sweet greens TPC this is in the group that I like with Sterling and um Quanta it's up 3% after hours. Sterling reported last night it was a sterling report but it sold off. This is what I mean by earnings man. You get some really wonky moves. I thought it was going to rally and after hours last night it was like 490 opened at 477 closed at 433 just pulled back near its old pivot there around 420 down by the 21. I would be surprised if um yeah I mean look at the sales and earnings growth here. You go 56 51 you know percent sales growth and uh 41 58 78 earnings growth heading in the right direction. And I believe the pullback will be shortlived, but you know, I've been wrong before it happens. New scale power. This is, you know, along with the Oaklow. Uh they reported after hours. I mean, it it's pretty tough for me to get behind these things. You know, they're losing money. Uh yeah, I mean, hard to hang your hat on stuff like that. Oaklo, same thing. You know, losing more money actually. U you know, there's your four stages as well. One, two, three, and four. There you go. All right. And then the last one is figs. Figs is these um you know for nurses they wear them. I know some nurses who swear by these things broke out what 14% I think they reported after hours but this was up before and now it's up another 6 and a half% after hours. So anyway that's it for me. Thank you for watching. I'll have more on some of these bigger movers in after hours tomorrow morning. I got to get a little more in depth here. This looks good here. AOI, there's a lot of shorts in this one. Uh yeah, short interest is strong. So, this thing could, you know, that they need to cover. You could be looking at 70 75 bucks tomorrow. Uh that would not surprise me. And then Dell, another big mover after hours to the upside. So, yeah, things are looking up at mcstockts.com. We never give up. Have a great evening everyone. See you in the morning. I have to end the meeting here properly.